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3 modern financial tips for new attending physicians: Page 2 of 3

  • Daniel Orlovich, MD, PharmD
February 14, 2018
  • Modern Medicine Cases, Modern Medicine Cases, Modern Medicine Feature Articles, Modern Medicine News, Category-47287, Modern Medicine Now Top Story, Money

 

First, disability insurance guarantees an income should you become disabled. It is wise to get an individual plan in addition to your employer plan. In fact, an individual disability plan is held by over 70% of physicians according to the AMA Annual Physician Financial Preparedness Survey. You aren’t getting any younger nor healthier, so now would be a good time to lock in a rate.

Ask for a quote from any of the “Big 6” insurance websites—Guardian, Standard, Metlife, Ameritas, Principal and Mass Mutual—or search for an independent agent who is able to provide multiple quotes. This agent doesn’t have to be local. Look for add-on provisions that include: “own occupation,” “future increase option,” “cost of living adjustment” and “residual benefits.” The “own occupation” rider is arguably the most important. Let's say you make most of your income doing a procedural skill. If you do not have “own occupation,” the insurance company could argue you are not technically disabled if you hurt your hand since you could still teach, see patients in-clinic and perform physicals.

 

POPULAR ON OUR SITE: 9 ways doctors have it worse than everyone else

 

Second, life insurance guarantees income for those around you. Ask yourself, if you were to die how would your current/future spouse or kids be able to continue the lifestyle you helped create? How would the mortgage, retirement and education be paid? Term life insurance will do this. Explore your options on sites like term4sale.com and pick a $1 million, $2 million or $3 million policy for 20-30 years. Go for the lowest cost term (not whole) life insurance policy.

And finally, umbrella insurance is for catastrophic coverage. This is the one you are least likely to use because it protects against the highly unlikely but financially devastating events. It kicks in after your home and auto insurance policies are maxed out. Think about a car accident you caused or a neighbor who slipped on your property. We live in a litigious society. Fortunately, umbrella insurance reserves the right for a special attorney to defend you as well as pay for those harmed. Consider coverage ranging from $1 million to $5 million.

Supercharging retirement funds and unlocking stealth savings accounts

Is a dollar saved really a dollar earned? No. In California, for example, a dollar saved is $1.64 earned. That means every dollar you save is worth that much more.

Next: The most advanced way to supercharge retirement savings

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